India and Egypt also identified several areas of focus for enhancing bilateral cooperation in trade and investment, including that in the Suez Canal Economic Zone (SCEZ), pharmaceuticals, gems and jewelry, engineering, petroleum and mining, customs matters, and electronics manufacturing.
The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) came into effect in December 2022. “During the visit, happy to learn that Work and Holiday visa, a key commitment under India-Australia Economic Cooperation and Trade Agreement will be operational from 1st October 2024 which will facilitate mobility and deepen people-to-people connect,” Mr. Goyal said in a post on ‘X’ on Thursday (September 26, 2024). The two sides are now negotiating to expand the scope of the existing ECTA to a Comprehensive Economic Cooperation Agreement (CECA).
“The visit allowed both sides to review the progress of CECA and the implementation of ECTA initiatives. In addition, several interactions with Australian and Indian businesses in Sydney will lead to enhancement of trade and investment ties between the two countries,” the commerce and industry ministry said in a statement.
Australia would annually grant up to 1,000 multiple-entry work and holiday visas for a temporary stay of 12 months to Indian citizens who meet the eligibility requirements under the Australian legislation.
The two sides are now negotiating to expand the scope of the existing ECTA to a Comprehensive Economic Cooperation Agreement (CECA). The two sides also discussed the target of achieving AUD 100 billion in bilateral trade by 2030 and the enhancement of cooperation at multilateral and other regional forums.
Meanwhile, in a separate statement, the ministry said the sixth session of the India-Egypt Joint Trade Committee (JTC) was held in New Delhi on September 16-17, 2024. The Indian side informed that necessary approvals for signing the MoU on cooperation between the National Small Industries Corporation (NSIC) and the MSME Development Agency (MSMEDA) of Egypt have been obtained.
